BTCUSD 08 AUG 2018 - Daily Update
Selling continues - next significant support 6100 area
The sellers overwhelmed the buyers for the past day.
People that are looking for reasons to buy would do good to wait for the price to settle on some sort of support level already on the chart.
One would be the 6100 area.
Another option would be to wait for a new support to form in between the turncoat we just broke and the support we see on charts.
Countertrend longs starting with 6630 with targets under 6800 are risky, but not outside of the realm of what's possible.
For the short sellers, the life seems easier, but we never know what's around the corner, so to speak.
We're continuing to put lower lows.
While that still happens, we're good to get on that train.
A pullback to 6550 is one good level to enter short.
A breakdown under 6375 seems pretty good for some late FOMO selling, also.
Keep your targets tangible and in reach.
6100 can be touched in a day or so, without any catalysts.
The instrument seems already overextended and the price seems to test the weekly oscillation range to the downside, so it's safer to enter on pullbacks than on breakdowns.
We'll see what gives.
It's a tug of war - it always was - it will continue to be.
Bulls and bears will bump heads.
Some will make money.
Some will lose money.
If the only thing we can control is the risk we take, we'd better focus on that.
Let's take measured risk and shoot for tangible targets.
Markets will still be there tomorrow.
Trade Well!
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